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News Release

Singapore

JLL News Flash | Tender closing for residential site at Lorong 1 Realty Park


Ong Teck Hui, National Director, Research & Consultancy

王德辉, 新加坡董事


"Being a rare landed property site with a relatively low absolute land price, tender participation with 11 bidders​ is not particularly keen and other than the more robust top bid at $526 psf, the rest of the bids were more moderate or conservative.


The site location and attributes would probably pose some challenges as the site is along busy and noisy Hougang Avenue 2. This will not be appealing to many buyers so demand may be more hesitant and this would be reflected in less optimistic sale prices. This would probably account for the moderate bidding of the second highest bidder at $430 psf and downwards.


Only the top bidder demonstrates stronger optimism in the tender, with a 22.2% higher bid than the second, suggesting the likelihood of pricing the units more optimistically when launched."